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IDBI Personal Loan

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Best Rate

9.50%

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IDBI Bank

IDBI Bank is an Indian government-owned financial service company, formerly known as Industrial Development Bank of India, headquartered in Mumbai, India. It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. IDBI is currently the 10th largest development bank in the world in terms of reach, with 3700 ATMs, 1995 branches, including one overseas branch at Dubai, and 1382 centers.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to IDBI Personal Loans

Being one of the largest bank in India, IDBI offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by IDBI.

Apply IDBI Personal Loan

Advantages of IDBI

  • Low interest rate
  • No hidden costs and administrative charges
  • Less paperwork
  • Long tenure
  • Minimum Income Requirement
  • Pensioners get attractive offers

Documentation Required for IDBI Personal Loans

Important documents to be submitted while applying for personal loans with IDBI

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

IDBI Personal Loans

Catering to the needs of various sections of people, tailor-made IDBI personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Key Highlights

CriteriaSalaried/Self-EmployedPensioners
Tenure12 – 60 months12 – 60 months
Maximum loan amountRs. 10,00,000Rs.5,00,000
Interest9.50% – 14%

Eligibility criteria

To meet unexpected financial exigencies or come out of high priced Credit Cards funds, you can avail IDBI Bank’s Personal Loan. Be it a marriage in family, renovation of house, meeting urgent educational / hospitalization expenses or travel abroad.

Following are the variants of Personal Loan:

  • Bullet Personal loan to Salaried Individuals, Self Employed Professionals (SEPs) & Pensioners
  • Bullet Salary Account with In-built Overdraft facility
  • Bullet Pension Account with in-built Overdraft facility to Pensioners of IDBI Bank Ltd

Personal loan to Salaried Individuals, Pensioners & Self-Employed Professionals (SEPs):

Eligibility

Salaried / Pensioners Customers maintaining salary / Pension account with IDBI Bank.

All IDBI salaried customers maintaining salary account with IDBI Bank, including Pensioners/ Family Pensioners from State or Central Government Departments, PSU companies and State or Central Government promoted/ sponsored entities or undertaking whose pension is credited to SB account with IDBI Bank (retired staff of IDBI Bank is also included

Salaried customers & Self-employed Professionals (with or without existing liability relationship with IDBI Bank)

a. In case of Confirmed employees from departments and institutions promoted/ sponsored by State & Central government, the three-Armed Services: with or without existing relationship but satisfying the minimum income norms as specified below.

b. In case of all other category confirmed employees having liability relationship with IDBI Bank for more than one year and Self-employed Professionals (SEPs) having liability relationship with IDBI Bank for more than one year and satisfying the minimum income norms as specified below.

Salaried individuals & Self-employed Professionals having Asset relationship

Only full disbursed cases having paid minimum 6 EMIs and having total clean repayment track record

Minimum Net Salary/ Income

For Salaried class: -

Minimum Annual Average Balance (AAB) of Rs. 20,000/-(not applicable to salaried customers maintaining salary account with IDBI Bank or customers maintaining pension account with IDBI Bank) and Minimum Annual Net Income (ANI) of Rs. 1,80,000/-.

For SEP class: -

Minimum Annual Average Balance (AAB) of Rs.   25,000/- and Minimum Annual Business Income of Rs.  2,40,000/- for last 2 FY.

Age Limit

Salaried/ Self Employed and Professionals:

Minimum age: 22 Years. 

Maximum age at termination of loan should not be above 60 years or date of retirement, whichever is earlier.

Pensioners/ Family Pensioners:

Maximum age: 75 years (at the date of maturity of loan amount)

Tenure

Minimum: 12 Months 

Maximum: 60 Months

Maximum Loan Amount

a) For Salaried class: - 

Minimum: Rs. 50,000/- 

Maximum: Rs. 10,00,000/- 

b) Pensioners drawing pension/ Family Pension through IDBI Bank: 

Minimum loan amount: Rs. 25,000/- 

Maximum loan amount: Rs. 5,00,000/- subject to EMI not exceeding 50% of last credited pension amount.

Salaried customers & Self-employed Professionals

Minimum: - Rs. 50,000/-

Maximum: -

a) For customers non-maintaining salary account with IDBI Bank Rs. 5,00,000/- 

b) For confirmed employees from departments and institutions promoted / sponsored by State & Central government, the three-Armed Services with or without existing relationship)Rs.10,00,000

Minimum: -

Salaried & SEPs: Rs. 50,000/-

Maximum: Salaried: Rs.10,00,000/-

SEPs: Rs.5,00,000/-

Repayment Norms

In the form of Standing Instruction (SI) only.

Prepayment / foreclosure charges

a) Prepayment / foreclosure of Personal loan after six months of disbursals may be allowed without pre-payment Charge. 

b) Prepayment / foreclosure if sought before 6 months from disbursal date, a charge @ 2% of the outstanding loan amount is to be levied.

Part pre-payment: Part pre-payment is allowed on the basis of above conditions (a&b). However, in such cases, no further personal loan will be sanctioned to the borrower for 12 months from the date of making the part pre-payment.

Top up loan

The existing loan account holders with minimum 12 months and with clear repayment track record will be eligible for top up loan facility.

Insurance

The borrowers will be covered under Free Personal Accident insurance cover.

Other Personal Loan products are as follows:

Eligibility

Salary Account with in- built overdraft facility

Permanent Employee, with a minimum one year of continuous service of the below mentioned Organizations /Companies:

  • Govt./Semi-Govt./Quasi Govt.
  • Public Ltd Co.
  • Private Ltd Co.
  • Multinational Co.
  • Reputed Institutions

Any Corporate approved by CGM of the Zone

Overdraft facility for Pensioners of IDBI Bank Ltd

This facility is extended to customers maintaining their pension account with IDBI Bank Ltd.

Age Limit

Salary Account with in- built overdraft facility

Minimum Age – 22 years 

Maximum Age – 58 years

Overdraft facility for Pensioners of IDBI Bank Ltd

Should not exceed 75 years

Categories

Salaried customers maintaining salary accounts with IDBI Bank

Tenure

Salary Account with in- built overdraft facility

The overdraft facility would be valid for 2 years; renewable every two years.

Maximum Limit

Salary Account with in- built overdraft facility

Five times of net salary (based on previous six months average salary)

Overdraft facility for Pensioners of IDBI Bank Ltd

To be computed at five times the monthly net pension.

The overdraft facility would be valid for 1 year; renewable every year.

Note: - Third- party Guarantee required for Personal Loans to Pensioners

Interest rate

As per RBI mandate, Savings Bank interest will be calculated on the daily balances maintained in your account, at a rate of interest decided by the Bank from time to time (existing rate is 4.00% p.a.).

Savings Bank Rate (w.e.f. May 03, 2011)4.00 % p.a.
Base Rate (w.e.f. Jan 01, 2017)9.50%
Current BPLR (w.e.f. Jan 01, 2017)14.00%

Marginal Cost of Fund Based Lending Rate (MCLR) w.e.f. 07-09-2017
TenureMCLR (in % )
Overnight8.00%
One Month8.10%
Three Month8.30%
Six Month8.35%
One Year8.55%
Two Year8.60%
Three Year8.70%

EMI Payment Methods

Your IDBI personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with IDBI, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the IDBI account you specify.

Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

There is no processing fee for Personal loan.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate.

8. How does IDBI Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

IDBI offers personal loans at the cheapest rates of interest, with no security or collateral

IDBI offer loans for the longest tenures (36 months), with the flexibility provided to reduce the tenure by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an IDBI personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the IDBI personal loan?

You can either apply online or visit the nearest IDBI loan centre for a personal loan.

10. Will there be any charges for prepayment towards my IDBI personal loan?

Yes pre-payment charges of 2% are levied towards the personal loan. You can make part-prepayment at the nearest IDBI branches.

IDBI Personal Loans Overview

IDBI provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes IDBI personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, IDBI personal loans do not impose much burden on the customers.

Customer Reviews

4 / 5 (125 Reviews)
7 Dec 2018

Awesome

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